Estate of Sarah E. Greve, deceased, Charles E. Greve & David R. Greve, Co-Executors - Page 20

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          position, the estate argues:                                                
                    By an Agreement executed on December 31, 1981,                    
               between Mellon, the Trustee as to the Deed of Trust and                
               the six beneficiaries named in the Deed of Trust:                      
                    A.   The six separate trusts for each such benefi-                
                         ciary were merged into one fund.                             
                    B.   No principal whatsoever from such single fund                
                         could be distributed to any beneficiary ex-                  
                         cept that at the request of Robert E. Wright,                
                         the attorney in fact for each beneficiary,                   
                         Mellon was required to make equal distribu-                  
                         tions of principal to each beneficiary not to                
                         exceed $5,000.00 to each.                                    
                    C.   Although all said beneficiaries had the power                
                         to direct said attorney in fact to request                   
                         such distribution of principal, no one of                    
                         them had such right.                                         
                    The effect of the above provisions is that Mrs.                   
               Greve could only withdraw $5,000.00 per year from the                  
               now single trust established in the Deed of Trust in                   
               conjunction with five persons each of whom having a                    
               substantial interest in such single trust and each of                  
               whom, for this purpose, having an interest in such                     
               single trust which was adverse to exercise of the power                
               in favor of Mrs. Greve.                                                
                    Clearly, no one beneficiary of such single trust                  
               was given the right to unilaterally withdraw principal                 
               therefrom to the exclusion of any other beneficiary                    
               because any such unilateral withdrawal would adversely                 
               affect the other beneficiaries.                                        
                  *       *       *       *       *       *       *                   
                    It is respectfully submitted, by reason of * * *                  
               [section 2041(b)(1)(C)(ii)] that Mrs. Greve did not                    
               possess a general power of appointment as to said                      
               $5,000.00 and that such sum is not an asset of her                     

               11(...continued)                                                       
          to respondent as a result of, the estate’s raising that issue for           
          the first time on brief.                                                    





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